By Mark Lacter
LA Biz Observed
Tribune CEO Dennis FitzSimmons had it right when he told company employees this morning that they can count on lots of media coverage and speculation about a possible Tribune sale, "fueled largely by individuals or businesses with competing interests and their own motives for talking to the press." In the memo, with a salutation of "Dear Fellow Employee," FitzSimmons adds: "Hard as it may be, try not to be distracted by it."
We have consistently declined to comment about the process because doing so might limit our ability to forge the best solution for our shareholders, customers, and employees. We continue to work closely with the independent special committee of the board of directors and when the process is complete, you can expect an announcement.
The bottom line is that we have great businesses generating significant cash flow, operated by talented and dedicated employees. Throughout its 159-year history, Tribune has consistently evolved to compete in a changing environment, succeeding by delivering outstanding journalism and tremendous value to readers, viewers, listeners and advertisers every day. Stay focused on that mission and we will continue to succeed going forward.
LAT Publisher David Hiller sent out his own memo to the troops. It's on the jump.
Like you, I’ve read reports that bidding for individual Tribune Company business units, including the Los Angeles Times, are underway.
The speculation will continue from all directions while the process runs its course. For legal reasons, the company won’t be able to say much about developments as they happen. There is, of course, fine reporting by Jim Rainey and our other colleagues that I follow closely and we will communicate fully when there is something definitive.
Editor's note: It's a damn shame as an employee of the Los Angeles Times I'm unable to read important messages from the CEO of the Tribune Corporation and the Publisher of the Los Angeles Times while at work. My e-mail address firstname.lastname@example.org.
LAT memo dated 10.05.06
A memo shooting around the Los Angeles Times today introduces Nancy Sullivan, most recently SVP of Music & Digital Entertainment at Rogers & Cowan. Her job will be to tell the Times story to the media and to make sure that staffers know about things happening inside the paper before they read about them on blogs.